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Third Wave s Q2 Revenues Slide 54 Percent, Dx Receipts Grow

NEW YORK, July 28 (GenomeWeb News) - Third Wave Technologies yesterday reported a sharp drop in total revenues along with a widening loss for the second quarter of 2005.

 

The company's revenues for the quarter were $5.8 million, down 54 percent from $12.6 million during the second quarter of 2004. Of that, $4.3 million came from clinical molecular diagnostics and $1.3 million from research revenues, compared to $3.4 million and $9.1 million, respectively, during last year's second quarter.

 

"While the long-anticipated decline in research revenue may cloud the company's top-line story in the short term, our second-quarter results show that the investments we have made and will continue to make in molecular diagnostic product development and distribution are beginning to pay off," said John Puisis, Third Wave's president and CEO, in a statement.

 

Research and development costs declined to $2 million, down from $3 million during last year's second quarter.

 

Third Wave's net loss for the quarter totaled $5.5 million, or $.13 per share, up from $106,000, or $0 per share, for the year-ago period.

 

As of June 30, Third Wave had $61.5 million in cash, cash equivalents, and short-term investments.

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